Weekly Market Wrap: 4/1/2010

(MarketNewsVideo.com) -- Hi. I'm SAYOKO MURASE. Welcome to the Weekly Market Wrap for Thursday, April 1, 2010.

The S&P 500 closed the shortened trading week about even, and the Nasdaq Composite Index was also relatively unchanged. The Dow Jones Industrial Average remained about even, as well.

The gold price surged Thursday afternoon to over $1,127 an ounce on stronger global manufacturing data and a drop in U.S. jobless claims, confirming a stronger global economic recovery.

Crude oil futures rallied Thursday on strong economic news. June oil futures rose for a fourth straight session to trade above $85 a barrel on Thursday afternoon.

On Tuesday, U.S. consumer confidence rebounded strongly in March after falling sharply in February. The Conference Board consumer confidence index rose to 52.5 in March from 46.4 in February. Economists expected the index to rebound to 51.0 during March.

Retail stocks jumped on Tuesday after January home prices in 20 major U.S. cities rose higher than economists expected, boosting investor confidence in consumer spending on home furnishings and appliances.

On Thursday, the number of people applying for unemployment benefits fell 6,000 for the week ending March 27 to a seasonally adjusted 439,000, in-line with expectations.

Also on Thursday, The Institute for Supply Management reported the U.S. manufacturing sector expanded for an eighth straight month in March, with its index rising to 59.6 percent, beating expectations of 56.3.

On the earnings front this week, Chinese solar company LDK Solar (LDK) reported profits on Tuesday of 3 cents per share, ex-items, missing consensus estimates of 12 cents per share.

Also on Tuesday, Gammon Gold (GRS) reported earnings per share of 16 cents, ex-items, beating the street. Analysts were expecting 11 cents per share.

On Wednesday, fertilizer giant the Mosaic Company (MOS) reported earnings per share of 50 cents, missing consensus estimates. Analysts were expecting earnings of 63 cents per share.

Also on Wednesday, Research in Motion (RIMM) reported profits of $1.27 per share, missing the consensus estimate by a penny.

Micron Technology (MU) surprised Wall Street to the positive side on Wednesday with earnings per share of 39 cents. Analysts were expecting 23 cents a share in quarterly earnings.

This is the Weekly Market Wrap for Thursday, April 1. Please join us on Monday for the Week Ahead Market Report.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=201004WeeklyWrap040110&mv=1.